PLAN B (Freedom From Creditors) is a credit and debt management firm that specializes in asset protection and bankruptcy alternatives.
This will help you protect yourself for the future no matter what your situation is.
They have the fastest and reliable solutions to your credit card debt problems.
Call Us Now! @ 1-800-871-6817.

Tuesday, November 20, 2012

Asset Protection

Asset Protection in various forms has been used for many years by wealthy individuals to protect their assets from lawsuits and judgments. The concept itself is well tested but the application of it in helping resolve credit card and other unsecured debt is a fairly recent development. Most of the strategies used by the wealthy, such as offshore corporations, asset protection trusts, foreign bank accounts, and Nevada LLCs are neither practical nor necessary to deal with existing debt. Protecting your assets from creditors and using that protection to create leverage to negotiate a favorable settlement is all you really need.

The best asset protection strategies act as the walls between your assets and overzealous creditors and collection agencies. It is too late if you act to protect your assets after a lawsuit is filed or a judgment has been granted by the courts. That would be like trying to buy homeowners insurance while your house is on fire! Therefore, it is better to consider a well-structured asset protection strategy in advance of your creditors initiating any sort of legal action against you. Asset protection strategies should be implemented while you are still current or nearly current on your debts.

So what would an ideal asset protection strategy designed to protect you from the collection actions of creditors look like? There are several key components that would need to be in place to create an effective guard around your assets and hold your creditors at bay. All of the shortcomings of other debt relief options  would have to be overcome and it would have to be affordable for the average person with $10,000 or more in credit card debt.

With that in mind, we could specify that such a program should:

 Shelter your liquid assets like checking or savings accounts from creditor collection procedures.

 Allow you to immediately stop making payments to credit card companies without fright of lawsuits or judgments.

 Block your wages from garnishment.

 Provide access to resources and information to help you protect yourself and your assets from unwanted creditors.

 Allow you to redirect collection phone calls to an answering service that would not give out any personal information.

 Provide a reply service to creditors seeking payment that would permit you to exercise all of your legal rights under the Fair Debt Collection Practices Act.

 Provide leverage to allow you to negotiate debt down to around fifteen or twenty cents on the dollar.

 Help you access appropriate means to restore your credit score before or after you have settled with creditors.

 Provide information on how to negotiate with collection agencies to avoid having them issue a 1099-C for the imputed income.

 Provide 24/7 access to customer service for questions or to deal with concerns.

 Provide drafted responses to creditors who threaten legal action.

 Accept credit cards as payment for services provided.

 Offer payment options that allow you to pay as you go if you have no available credit.

As you can see we provide a comprehensive program of asset protection and creditor deterrence that facilitates a favorable debt resolution for the debtor. A key component to our program is its ability to deter creditors from pursuing collection actions. All creditors have a certain method and procedure they follow to attempt to collect delinquent debts and our system complicates that process and reduces their effectiveness and increases their costs. This often makes the account too difficult to pursue and the creditor ultimately gives up, moves on to the next case, and sells the uncollectable account to someone else.

Unlike debt settlement, that tries to negotiate a payoff for some amount less than the original debt with the original creditor, our debt resolution forces accounts into collection. Since the original creditors are blocked from taking the usual legal recourse to collect, they will sell off the debt to a collection agency as part of a large block of other delinquent debts. You should know that the debt collectors don‘t have to collect on every debt in order to make a significant profit.

Armed with this knowledge, our system thwarts any attempt by a creditor to take your money, and puts you in a much stronger position to negotiate a pay off your debts for much less than using any other method of debt resolution. Basically, if they can‘t take your money, they have to take what you are willing to give them. Now that you know the rules are different when dealing with a collection agency, and that they only have about five cents on the dollar into your account, you can use that to your advantage.

Offering a collection agency ten cents on the dollar actually gives them an exit strategy by getting something for their trouble, and in reality they have still doubled their investment in your account! Any prudent business would rather get something, even if it were far less than they had anticipated, than nothing at all. Of course this type of settlement can only come when you have sufficient leverage to force them to take such a settlement offer. It is the asset protection part of the program that provides this leverage and it must be done right to pass scrutiny.


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